Peter Morton, president and founder of the business, announced the sale of Hard Rock Hotel & Casino in Las Vegas last Friday. This hotel and casino, a worldwide-known and valuable property, has been bought by Morgans Hotel Group for the incredible amount of $770 million dollars.

The Hard Rock Hotel & Casino is a first-quality entertainment center for tourists. It was built in 1995 and enlarged 100 per cent in 1999.

The sale included the 647-room hotel and the 30,000 square feet casino, located on 17 acres, plus the 24 adjacent acres and the intellectual property associated to them. As a whole, the land consists of 42 acres.

Morton will obtain more than 95 per cent of the net funds paid for the sale.